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Klook's 2024 Enter Strategic Partnership with Krungsri Bank

Jan 16, 2024 / ANC Editorial
Klook Partnership Travel Collaboration Krungsri Alliance Financial Integration Ethan Lin Insights

Source: Wikimedia Commons

16/01/2024 (Thailand) - In 2024, Klook, the Asian travel marketplace, had officially sealed its first strategic partnership of the year, forging a deal with Krungsri, the Bank of Ayudhya PCL in Thailand. This collaboration allowed Krungsri customers to conveniently book a wide range of activities through Klook via the bank's personal banking app, UChoose.

This significant partnership had materialized shortly after Klook's successful funding raise of $210 million in December, which had also attracted Krungsri Finnovate, Krungsri's venture capital arm. A key aspect of this strategic alliance was the introduction of a 'Pay with Points' feature, enabling Krungsri credit card holders to redeem their reward points when booking travel offerings on Klook. Additionally, cardholders could access exclusive Klook bundles and special deals by utilizing their credit card installment plans to pay for their travel purchases.

Klook's impact in the region was undeniable, particularly demonstrated by their substantial sales growth to Japan from Thailand in 2023, nearly doubling the figures from 2019. This trend highlighted the company's growing influence and appeal in the travel market.

This partnership between a travel platform and a financial institution mirrored a broader trend in the industry. Financial services companies had been increasingly collaborating with travel platforms to enhance customer experiences and boost their presence. For example, Citi had partnered with Booking.com to create its travel portal, while in the UK, the fintech app Revolut had integrated Viator's travel experiences into its platform, providing users with a one-stop solution for tours, activities, accommodation, and financial services.

Klook's CEO, Ethan Lin, had emphasized the company's unique position in designing travel experiences tailored to its expanding regional travel audience. Lin believed that Klook's access to both major U.S. and European investors, as well as regional capital, had strengthened their connections with local partners and traders. Looking ahead, Lin anticipated that tours and experiences would continue to evolve to meet the preferences of the emerging middle class across Asia, driven by significant spending power in countries such as Japan, Korea, Taiwan, Hong Kong, and Southeast Asia, which promised substantial growth in the coming decades.



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